Group 1 - The core viewpoint of the report indicates that Limited Partners (LPs) are actively planning to increase investments in private credit and secondary markets, reflecting a shift towards more defensive investment strategies [1][2] - Nearly half (45%) of LPs plan to increase allocations to private credit assets within the next 12 months, up from 37% six months ago [1] - Over one-third (37%) of investors intend to increase allocations to private secondary market strategies, a rise from 29% in December 2024 [1] Group 2 - In the Asia-Pacific region, LPs show the most positive attitude towards alternative assets, with 67% planning to increase investments in this area [1] - The demand for private secondary market strategies has significantly increased, with 64% of Asia-Pacific LPs planning to allocate more to this asset class, up from 42% six months ago [1] - Private credit remains attractive, with half (50%) of Asia-Pacific investors indicating plans to increase investments [1] Group 3 - The report shows that the total transaction volume in the private secondary market reached $160 billion in 2024, continuing to exhibit strong growth [3] - Two-thirds (65%) of LPs believe that the number of General Partner (GP) led transactions in the private credit market will increase in the next two to three years [3] - North American investors have the strongest expectations for this growth at 74%, followed by Europe at 59% and Asia-Pacific at 54% [3] Group 4 - Over half (54%) of global LPs and 58% of Asia-Pacific LPs indicate they are likely to engage in private secondary market transactions for private equity assets in the next two years [3] - More than one-third (36%) of LPs report an increase in the number of spin-off firms in their private market portfolios over the past two to three years [3] - A significant portion (64%) of Asia-Pacific LPs expect the formation of new fund managers to outpace industry consolidation in the coming years [3] Group 5 - The increase in the number of spin-off firms is likely driven by star members from mature investment teams starting their own firms [4] - Over one-quarter (28%) of LPs believe that existing GPs are insufficient in talent development and retention [4] - With the rise of mega funds, 71% of investors see this trend as a challenge to achieving expected investment returns [4]